El Salvador Plans Government-Backed Stablecoin App on Base
The application would let users hold and transfer dollar stablecoins through Coinbase’s network and use them for cross-border remittances.
El Salvador is working with Modveon to develop a government-backed digital-dollar application on Coinbase’s Base network, targeting stablecoin payments and cross-border remittances.
The planned application would allow users to hold and transfer dollar stablecoins through Base. It would also support cross-border remittance payments.
The project places stablecoins alongside El Salvador’s existing cryptocurrency policy. The government made Bitcoin (BTC) legal tender in 2021 in an effort to expand its use for everyday payments, but those payments have not become widespread.
The application remains under development.
